Exploring challenges affecting the growth of women entrepreneurs in the micro- finance sector in Harare, Zimbabwe

The purpose of the study was to explore challenges affecting the growth of women entrepreneurs in the micro finance sector. This was necessitated by the importance of growth of women entrepreneurs to economic development of countries. An exploration research design was adopted for this study. Data was collected using a structured questionnaire and interviews from 200 female entrepreneurs in the micro finance sector in Harare. The results showed that the social factors such as too many family responsibilities, segregation in terms of accessing capital resources and gender stereo typing were negatively affecting the growth and success of women owned micro-finance institutions. The study noted that business environment factors such as hyperinflation, weak currency, low demand for loans due to poverty, and unemployment and unpredictable policies were negatively affecting the growth of women owned micro finance institutions. The study also noted that regulations from the Central Bank on the operations, registration and licensing of micro-finance had not significantly affected the growth of women owned micro-finance institutions in Harare. The main limitations of the study are that the findings may not be generalized to all female owned entrepreneurs in Zimbabwe because the sample was drawn from Harare so they may be a need to make use of a larger sample. The findings of this study are of value to the operations and successful growth of women owned financial sector, Reserve Bank of Zimbabwe, the government of Zimbabwe and the women in general. Identification of the challenges will shape and inform all future intervention policies and programs to support the growth of women owned micro-finance sector in Zimbabwe. In addition, the growth of women entrepreneurs will reduce poverty among women, promote economic empowerment and lead to gender equality. The findings of this study are based on the data collected from women who own and operate micro-finance institution in Harare and hence the challenges identified are original and true. This implies that addressing the challenges identified in this study will lead to growth and success of women owned micro-finance institutions